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Laxman Pai, Opalesque Asia: Half of 'sustainable' funds invest in fossil fuels, according to a new investigation published by a consortium of European media. The NGO Reclaim Finance flagged research by Follow the Money.
European asset managers, including Amundi, AXA IM, and BNP Paribas, are continuing to invest funds labeled as sustainable in polluting fossil fuel companies, it said.
The non-profit organization calls on regulators, including the French Financial Market Authority (AMF), to act to put an end to these practices, which jeopardize the functioning of the markets and the quality of the information given to investors.
The survey screened 838 European funds classified as sustainable (Article 9) by their managers under the Sustainable Finance Disclosure Regulation (SFDR) to identify the presence of aviation and fossil fuel companies.
Lara Cuvelier, investment campaigner at Reclaim Finance said: "This investigation confirms that a large greenwashing market has been created, with asset managers eager to use 'sustainable' in their marketing. Regulators urgently need to ensure that environmental claims are based on science. When science says we must immediately stop investing in new oil and gas fields, regulators must sanction any investor who sells so-called sustainable funds that include companies developing such projects."
Nearly 50% of the funds analyzed included at least one investment in a coal, oil, or gas company. TotalEnergies, the world'...................... To view our full article Click here
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